A borough-level view of where development capital is flowing, at what basis and in what volume — construction lending and new-building permit activity across Manhattan, Brooklyn, Queens and the Bronx, with lender exposure per square foot mapped by neighborhood and financing split between bank, private and government sources.
- Financing recorded $13.7B
- Dwelling units 30,000+
- Projects 581
- Neighborhoods mapped 120+
Four boroughs.
Manhattan averages about $676 per square foot across 39 loans and $3.3 billion, with 4,200 or more units, 62 projects and about 8.2 million square feet, concentrated in Midtown East and Chelsea. The largest Manhattan project in the set, in Midtown East, is commercial rather than residential. Brooklyn is the most active borough: $4.2 billion across 87 loans at about $564 per square foot, 6,000 or more units and 186 projects, with Bedford-Stuyvesant, East New York and Williamsburg driving the multifamily volume. Queens sits in the middle, at about $586 per square foot and $3.5 billion, 7,000 or more units and 56 projects. Jamaica, Astoria and Long Island City lead its unit count. The Bronx is the largest pipeline: 13,000 or more units, 277 projects and about 10.6 million square feet, financed at about $420 per square foot and $2.7 billion, along Mott Haven, Morrisania and Fordham.
Who lent.
On recorded loans above $5 million, Manhattan is about 56 percent private, 33 percent bank and 11 percent government. Queens is about 47 percent private, 42 percent bank and 11 percent government. The Bronx reverses the mix: government sources are about 65 percent, banks 28 percent and private capital 7 percent. Brooklyn, where bank lenders are about 35 percent of the financing, is the volume market rather than the highest basis.
What the basis says.
The spread from about $420 per square foot in the Bronx to about $676 in Manhattan is a lower-basis, higher-volume pipeline set against fewer loans at higher marks. All of it is the trailing twelve months through the first quarter of 2026.
Sources: Pincus & Co, ACRIS, CoStar and SCP research. Recorded loans above $5 million. For discussion only; not a valuation opinion, investment advice, or an offer to lend.